GRP Ltd

Dear Shareholders,

It is with great pride and cautious optimism that I present to you the Annual Report ot GRP Limited (GRP) tor the financial year 2024-25, a year that tested resilience and rewarded readiness.

Amid global uncertainties ranging from geopolitical tensions and supply disruptions to inflation and trade recalibrations, GRP remained steadfast in its mission: to empower industries and communities through sustainable materials and circular innovation.

Our core Reclaim Rubber business delivered 8% volume growth, navigating a challenging global OE tyre market. GRP launched a next-generation, low-GHG emission production line during the year. Approved by a leading global tyre manufacturer, this breakthrough is now being rolled out across both tyre and non-tyre applications, aligning with our customers' evolving sustainability goals. Reinforcing this commitment, we have successfully converted all Reclaim Rubber plant heating systems to biofuels derived from agricultural waste—delivering a significant reduction in carbon emissions, improved cost efficiency, and meaningful progress toward India's net-zero targets.

The Engineering Plastics vertical recorded 23% volume growth, driven by new applications, product approvals, and expanded sourcing, now including ocean and textile waste. Although these materials brought margin pressure, they also diversified our raw material base and improved supply flexibility. Automation, and process efficiency were central to this transformation.

Our Polymer Composite and Custom Die Forms businesses, with over 90% exposure to the U.S. market, experienced softer demand amid economic headwinds. We focused on application development and cost control to protect margins and prepare for growth

Meanwhile, Repurposed Polyolefins business, entered commercial operations through our wholly owned subsidiary, GRP Circular Solutions Limited. Despite regulatory delays in Extended Producer Responsibility (EPR) implementation, the business has secured approvals from leading FfVICG and industrial brands. We remain confident that upcoming EPR mandates will unlock significant growth in the recycled plastics space.

This year, we took major steps toward vertical integration. The commissioning of our Crumb Rubber facility in Solapur marks Phase 1 of our End-of-Life Tyre to Energy roadmap, with plans to expand into Tyre Pyrolysis Oil (TPO) and Recovered Carbon Black (rCB). These forward-looking initiatives are underpinned by a sizeable capital expenditure aligned with our strategy to scale clean technologies and automation.

We also secured a loan up to EUR 15 million through External Commercial Borrowings from Proparco, a French development finance institution, to support our next phase of growth.

As global trade slows and inflation recalibrates, India remains a bright spot. The outlook for circular materials Is strong, with EPR policies gaining momentum across tyres and plastics. GRP is well-positioned to lead in this evolving ecosystem, thanks to our early investments, operational maturity and deep industry partnerships.

The path forward requires unwavering commitment to our customers, our communities, our employees and the environment. As a trusted partner, GRP is not just contributing to sustainable business; we are helping shape India's and the world's circular economy. This responsibility is one we embrace with humility and determination.

c)n,cf&iiny< $ extend mi/ heartfelt thank* t? bua ihonehalcU/tA j^theiAunivaveniatythtut su4 (MitomeM jpfu thein-paAtneA&hifu euA- employ ee-i JjOA Thein nelentlM* dediadunu and auA Ooond ^ theiA LMUjhtfrjJ guidance. Ja^eXkeA u>e u/ill <&nZuuie To-pi&neen idutinn* that tuApecC euA planet and cnente- endu/iiny- value- ^enendUm* to- come-.